Should I still pursue the Transfer of Ownership of my second hand car?

First time ko bumili ng sasakyan (second hand pa) sa probinsiya namin. 2 years ago ko na to nabili. Sa amin kasi di uso yung nagtatransfer of ownership kung nakakabili ng second hand (based on what I learned from my in laws, neighbors and relatives). So, hindi ko lang binigyan to ng pansin. Now, I'm planning to sell it next year kasi balak ko magupgrade, pero sabi ng kaibigan di ko daw pwede ibenta to kasi hindi pa nakapangalan sa akin ang OR/CR.

Totoo po ba yung sinabi niya?

Tyaka, malaki po ba yung magiging penalty ko if I decide to pursue the Transfer of Ownership since 2 years ago ko na to nabili? Complete naman yung mga papeles ko, so I think kaya naman pero while I was reading the process of ToO parang bigla ako nanghina, napakacomplicated pa la. Parang ayaw ko na lang to ibenta at ito na lang yung sasakyan ko until masira. Tatagal pa naman ata to ng 10 years (Toyota wigo 2018).

Sana po may makapag-advice.